As BitMine continues to bet on Ethereum (ETH), the King of Altcoins is eyeing a crucial resistance level that could set the stage for a new breakout, leading some analysts to suggest that a new all-time high (ATH) is around the corner.
On Monday, Ethereum rallied to a multi-week high of $4,718 following the start of the “Uptober” market rally that has sent Bitcoin (BTC) and BNB to new highs. Notably, the King of Altcoins has bounced 23% from the recent September correction, which sent the cryptocurrency’s price to a local low of $3,815.
Now, ETH nears the upper boundary of its macro range high for the first time in almost a month. The altcoin has been trading within the $3,600-$4,800 price range since the early Q3 breakout, which also served as a crucial area during the 2021 ATH rally.
He previously signaled that the cryptocurrency needed to break out of its bull flag formation for a potential 50% run. According to the analyst, after reclaiming the $4,500 mark, Ethereum now eyes a rally toward the $6,900 target.
Throughout Ethereum’s recent correction and price recovery, corporations have continued to bet on the King of Altcoins, pouring millions of dollars over the past week for their ETH-focused Digital Asset Treasury (DAT) strategies.
The company is also the 28th most traded stock in the US, the announcement noted, with an average daily volume of $2.5 billion, according to 5-day average data from Fundstrat.
BitMine’s chairman, Thomas “Tom” Lee, shared that the company spent the past week at the TOKEN2049 conference, which took place in Singapore, where their team “sat down with Ethereum core developers and key ecosystem players.”
As of this writing, ETH is trading at $4,710, a 13% increase in the weekly timeframe.
